Oil rises for a second day on supply tightness concerns

Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline, News.Az reports citing Reuters.

Brent crude futures for September settlement rose $1.51, or 1.4%, to $106.66 a barrel by 0339 GMT, extending a 1.9% gain in the previous day.

U.S. West Texas Intermediate (WTI) crude futures for September delivery increased $1.36, or 1.4%, to $98.04 a barrel, having gained 2.1% on Monday.


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